The US SEC approves Nasdaq's tokenized securities trading, allowing stocks to circulate on the blockchain
The U.S. Securities and Exchange Commission has officially approved the modification of Nasdaq rules, allowing the pilot trading of securities in "tokenized form" on its exchange, marking a key step for traditional capital markets towards blockchain.
According to the plan, eligible stocks and ETFs can be cleared and settled in on-chain token form within the existing trading system, sharing the same order book, trading priority, and fully consistent shareholder rights with traditional stocks. This pilot is based on the tokenization program of the Depository Trust Company (DTC), allowing investors to choose whether to settle in token form when placing orders, with the system completing on-chain processing after the transaction.
Nasdaq stated that aside from the settlement method, trading rules, market data, fee structures, and regulatory monitoring remain unchanged, and tokenized securities are still fully incorporated into the current securities law framework. Industry insiders believe this move signifies that "U.S. stocks on-chain" has officially entered the regulatory implementation phase, which may reshape the securities issuance, trading, and settlement system.
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